Fees from CBS' vast library of old TV shows, including Frasier, also contributed to the revenue slip. Content and licensing revenues declined 8% to $816 million. The company said the decline was due to digital streaming and Frasier:

... the timing of licensing revenues from digital streaming, as dozens of programs from the Company's library were first made available for digital streaming during the second quarter of 2011, as well as the third-cycle domestic syndication sale of Frasier during the second quarter of 2011, partially offset by higher international syndication sales in 2012.

Frasier had strong sales in previous periods, leading to weak comparables.